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We must build a success story for Greece: EC’s Moscovici

Greek economy has undergone strong, difficult reforms: Moscovici

The European Commission's latest assessment on Greece's economic state is set to be a positive one, European Economic Commissioner Pierre Moscovici told CNBC Monday, after the country did a "tremendous" amount of work to complete its latest reform milestones.

"We are going to give – at the commission – an assessment today saying that the 15 milestones – all of them – are now completed and this should normally open the way to the disbursement of the remaining 2.8 billion euros," Pierre Moscovici, European Commissioner for Economic and Financial Affairs, Taxation and Customs, told CNBC's Nancy Hungerford on Monday.

Euro zone finance ministers are currently congregating in Luxembourg for a meeting of the Eurogroup to discuss Greece's progress in implementing the spending cuts and economic measures it needs to introduce to receive further bailout payments.

They are expected to decide whether the country has carried out sufficient reforms to warrant a 2.8 billion euro ($3.1 billion) disbursement, the last section in the "first review" of its aid program.

However just one month ago, it was reported that Greece had only completed two out of its 15 reform "milestones" that were essential for euro zone creditors to start the second bailout review. Yet despite this, Moscovici remained confident that things were done.

Pierre Moscovici, EU Commissioner for the Economy
Saul Loeb | AFP | Getty Images

"As often in the Greek issue, things are done a bit last minute but they are done. And this is not very simple because one must be conscious that this represents strong difficult reforms for the Greek economy, the Greek society and also the Greek authorities."

"I hope that we will be able to (accept the 2.8 billion euros for Greece) because there has been a tremendous (amount of) work done in order to complete the so called milestones in the framework of the first review."

"Reforms are ongoing in Greece. Changes are on track, and so as soon as the Greek authorities take their own responsibility, we should take ours. This is why I expect to have a positive signal today and a decision that could lead to the disbursement of the remaining 2.8 billion euros available in the program."

Moscovici added that he hopes a decision will be made so that they can move forward and hopefully "pave the way to the opening of discussions on the second review", which is more to do with implementation than hard legislation.

"If this is completed by the end of the year, we can have a global agreement including the question of restructuring of the Greek debt. This is what we must build: a success story for Greece – meaning reforms, meaning confidence, meaning that debt issue – so that Greece becomes a really stronger country in the framework of the euro zone."

Moscovici went on to tell the reporters that as far as the commission was concerned, their "assessment will be positive", adding that the "milestones in our (the commission's) view are completed."

On Sunday, the International Monetary Fund said it was still fully engaged in talks to join the European country's bailout program, however it had yet to fully decide on its official role in the proceedings, Reuters reported.

With a Reuters report published on Saturday, citing two sources stating that the IMF is likely to accept a special advisory status that has limited powers, Moscovici said that both he and the commission "really hope that the IMF will be fully on board."

"The IMF is an element of credibility, of reassurance. I understand that the IMF wants the debt burden of Greece to be reduced. On the other hand, we also need to have reforms. I think if we make the effort, all of us, meaning the Greek authorities, the institutions, the member states of the Eurogroup and the IMF, we could by the end of the year find that global deal that certainly the Greek people expect and that the international community is also [waiting for]."

—CNBC's Holly Ellyatt and Reuters contributed to this report.

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